Ellandi & Bridges Ventures team up for new community shopping centre investment platform
Posted by Ellandi on 30th Jul 2015
Property Alternatives Fund III, managed by specialist sustainable and impact
investor Bridges Ventures (“Bridges”), has announced a new joint venture with
Ellandi, the UK’s leading community shopping centre investor.
In the coming
months, Bridges and Ellandi will look to build a portfolio of community
shopping centres, employing intensive asset management strategies in order to
achieve both outstanding risk-adjusted returns for investors and improved
social outcomes for the local area.
have already exchanged on their first acquisition - the Parkway Shopping Centre
in Coulby Newham, Middlesbrough. This freehold investment comprises a 117,000
sq. ft. Tesco Extra, and a covered mall of over 93,000 sq. ft. anchored by
Iceland, Peacocks, Home Bargains and Boots.
is in line with one of Bridges’ four key impact themes: increasing economic and
social dynamism in underserved areas of the UK. Local shopping centres play a
vital role within their communities, providing shoppers with affordable and
convenient access to much-needed goods and services, while also creating jobs
for local people.
will look to redevelop the site to add environmental features where possible,
in order to reduce emissions and cut operating costs for tenants.
Property Director at Ellandi, commented: “Ellandi has always believed that our
returns should also be measured in terms of the impact that we make on the
communities where we invest, so it is very exciting to be aligned with a
financial partner that has similar core values.”
“Coulby Newham has been privately owned and
under-invested for a number of years. We are looking forward to implementing
strategies that will bring employment opportunities, better social engagement
and sustainable energy strategies to this asset.”
David Schlegel, Investment Manager at
Bridges Ventures, added: “We are excited to have made our first investment
in this sector, in line with our strategy of committing capital to assets in
underserved areas with multiple asset management and development opportunities
– through which we can deliver strong returns for investors and demonstrable
Shopping Centre plays a key role in the wider Coulby Newham community, and we
look forward to drawing on the expertise of Ellandi – who share our view of how
developments like this can support local communities – to improve this site in
the coming months.”
Ellandi and Bridges Ventures were represented by Lisney. The vendor was a
privately-owned property company advised by Lambert Smith Hampson. Barker
Proudlove and Knight Frank will act as letting agents on the scheme.
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Notes to Editor
About Ellandi (www.ellandi.co.uk)
Ellandi is the UK’s
only dedicated investment manager focused on community shopping centres with
assets under management in excess of £700m comprising a portfolio of twenty two
is a specialist fund manager focused exclusively on sustainable and impact
investing: using commercial investment strategies to generate attractive
financial returns alongside positive social and environmental impact. It manages
nearly £600m across its Sustainable Growth, Property and Social Sector funds.
Property Alternatives Fund III – which held a final close in June 2015 with
£212m of equity commitments – invests either directly or via joint ventures in
property and property-backed operating businesses. It targets niche real estate
opportunities driven by demographic shifts and changing consumer needs in areas
like healthcare, education, SME business space and affordable residential